Michelangelo Racing Projects: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Michelangelo Racing Projects
Largest movements
- Cash +€1,585
up €1,585 (+15.5%), from €10,213 to €11,798
mainly Net result for the year (+€1,857) and Tax, wage and social debts (+€552)
- Stocks and contracts +€1,068
up €1,068 (+15.2%), from €7,024 to €8,091
- Profit (loss) carried forward +€1,857
up €1,857 (+14.2%), from -€13,065 to -€11,208
- Tax, wage and social debts +€552
new in 2025: €552
- Trade debts +€384
up €384 (+77.7%), from €493 to €877
- Gross operating margin +€4,841
up €4,841, from -€2,355 to €2,486
- Financial charges -€112
down €112 (-73.0%), from €154 to €42
- Other operating charges +€74
up €74 (+14.5%), from €512 to €587
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,536 | €21,329 | +€2,793 | +15.1% |
| Current assets | 29/58 | €18,536 | €21,329 | +€2,793 | +15.1% |
| Stocks and contracts in progress | 3 | €7,024 | €8,091 | +€1,068 | +15.2% |
| Stocks | 30/36 | €7,024 | €8,091 | +€1,068 | +15.2% |
| Amounts receivable within one year | 40/41 | €1,299 | €1,440 | +€141 | +10.8% |
| Trade receivables | 40 | €771 | €1,363 | +€592 | +76.9% |
| Other amounts receivable | 41 | €529 | €77 | -€452 | -85.5% |
| Cash at bank and in hand | 54/58 | €10,213 | €11,798 | +€1,585 | +15.5% |
| Total equity and liabilities | 10/49 | €18,536 | €21,329 | +€2,793 | +15.1% |
| Equity | 10/15 | -€6,146 | -€4,288 | +€1,857 | +30.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €720 | €720 | = | 0.0% |
| Distributable reserves | 133 | €720 | €720 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,065 | -€11,208 | +€1,857 | +14.2% |
| Amounts payable | 17/49 | €24,682 | €25,617 | +€936 | +3.8% |
| Amounts payable after more than one year | 17 | €20,000 | €20,000 | = | 0.0% |
| Other amounts payable | 178/9 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,682 | €5,617 | +€936 | +20.0% |
| Trade debts | 44 | €493 | €877 | +€384 | +77.7% |
| Suppliers | 440/4 | €493 | €877 | +€384 | +77.7% |
| Taxes, remuneration and social security | 45 | - | €552 | +€552 | |
| Taxes | 450/3 | - | €552 | +€552 | |
| Other amounts payable | 47/48 | €4,188 | €4,188 | +€0 | 0.0% |
| Other operating charges | 640/8 | €512 | €587 | +€74 | +14.5% |
| Gross operating margin | 9900 | -€2,355 | €2,486 | +€4,841 | |
| Operating profit (loss) | 9901 | -€2,868 | €1,899 | +€4,766 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €154 | €42 | -€112 | -73.0% |
| Recurring financial charges | 65 | €154 | €42 | -€112 | -73.0% |
| Profit (loss) for the period before taxes | 9903 | -€3,021 | €1,857 | +€4,879 | |
| Profit (loss) for the period | 9904 | -€3,021 | €1,857 | +€4,879 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,021 | €1,857 | +€4,879 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.